Easiest 0% Tax Bank Account in the World? (PARAGUAY)
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- Опубліковано 27 лип 2024
- How to Open a Bank Account in Paraguay
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To open a bank account in Paraguay, you have to become a Paraguayan resident and obtain a Cedula and RUC number. Paraguay residency is one of the easiest second residence permits in the entire world. Banco Atlas, Itau, and Sudameris are some of the larger banks located in Paraguay, where you can open a personal checking account.
0:00 Start
0:15 Misconception
1:17 Step 1: Temporary & Permanent Residency
4:43 Step 2: Cedula & RUC
6:14 Step 3: Banks in Paraguay
8:40 How to Get Started
Nomad Elite is a cutting-edge, high-tech relocation agency based in Texas, United States of America.
Nomad Elite helps middle class expats and nomad obtain second residency and dual citizenship in Latin America and Europe.
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Hows the average weather down there .. I hear it can go up to 100 plus degrees fahrenheit
Paraguayan summers are hot!
@@NomadElite Paraguay is one of the places I have strong interest in visiting/living the trifecta lifestyle in S.America along with Uruguay (Which seems on the safe side) and Argentina .. You seem to have a wealth of great information glad I found the channel ..
So that means first get your RUC (tax number) without RUC it's not possible to open a bank account?
You just need a Cédula.
Yes and no. It depends on the type of account you want to open up.
What are your banking objectives?
@@NomadElite Here in Encarnacion there are many who have banco familiar.
@@NomadElitea simple personal private bank account without having RUC. Is that even possible?
Must be possible to open an investment account? What would interest me would be the ability to trade directly on the BOVESPA thus bypassing the need to purchase ADR s and not having to pay U.S. witholding tax. Am assuming Itau would be the best option?
Hi Hendrik. Please book a consultation to consult with the most viable options. Thanks.
So if you buy groceries or other good do you always pay in Guarani currency or even USD is accepted?
Both. You can only pay with Guarani in Paraguay. There may be exceptions to this rule but it holds true in the overwhelming majority of cases. Get a 0% foreign exchange conversion fee credit card and you'll be good to go. More and more Paraguayan businesses accept credit cards, but not in the rural areas.
@@NomadElite Thanks a lot. Appreciated it!
On some point you run out of money/savings , how you can survive in Paraguay where the wages are so low.
For myself probably go for few months on some shutdown in Alberta and come back . Lots of travel.
You need dollar or euro denominated income. The *easiest* way to do that is stocks of which curated dividend stocks would be the most reliable, preferably a low cost ETF like SCHD if you’re unfamiliar with stocks themselves. A less passive and more complex but well tested way would be real estate, either abroad or within Paraguay but advertised and rented to foreigners/tourists in dollar/euro, for example via airbnb. Another reliable but highly subjective way would be a remote job paid in really any more or less stable currency, that obviously depends on your skill set, if you are a fluent speaker of a language that’s not natively spoken in a low wage country(like German, Japanese, any Scandinavian language etc) that can be a good advantage that’s not easily replicated.
You need money no matter where you live. It's no fun without income or savings. If you have a fixed monthly income like a pension, you'll live much better in South America than Canada.